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Binance Denies Being Hacked, as CEO Confirms “All Funds are Safe”

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The head of Binance has officially denied rumors that the exchange was hacked on Wednesday, claiming that “irregular trades” have now been fixed. Speculation that the exchange might have been hacked triggered a sharp reversal in the fortunes of most major cryptocurrencies.

No Hack

The company’s CEO Changpeng Zhao reassured traders Wednesday that their accounts had not been compromised.

“We have localized the irregular trades, they will be reversed. All funds are safe, thanks to the fast alarm. Please learn to secure your accounts against phishing,” he tweeted Wednesday afternoon.

Users took to Reddit, Twitter and other social media channels on Wednesday to report highly suspicious activity on their Binance accounts. Several traders reported that their altcoins were suddenly liquidated without prior warning or consent. Oddly enough, the loss of altcoins was associated with a massive spike in Viacoin (VIA), a relatively obscure cryptocurrency that more tripled in value on Wednesday.

Following the reports, Binance quickly froze trading and withdrawals to investigate the matter further. The loss of coins seems to inflict accounts with registered API keys, which are used to enable trading bots. The exchange issued a follow-up statement informing traders that the Binance platform had not been compromised:

“As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised.

Please remain patient and we will provide an update as quickly as possible.”

Fears of a coordinated cyber breach made for a highly turbulent session in the crypto markets. The total value of all crypto assets briefly plunged by more than 10% as traders rushed to exit their positions.

Cyber Security Remains a Major Concern

Crypto exchanges are routinely the target of sophisticated cyber attacks, a trend expected to intensify as digital currencies rise in value. Attackers have already made off with billions of dollars worth of stolen cryptocurrencies over the years.

It was just last month that Japan’s Coincheck was drained of $500 million in NEM after hackers successfully redirected the coins into alternate account. The heist was the biggest the market had ever seen, surpassing the 2014 attack of Mt Gox.

Exchanges have stepped up their security guidelines in response to the wave of attacks. This includes adopting stricter KYC/AML requirements and reminding users how to better safeguard their accounts.

Hacking attempts aren’t just limited to exchanges. It has been estimated that roughly 10% of all ICO funds have been compromised by cyber criminals. With billions flowing into the ICO market, that’s no small number.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 673 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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  1. Tarik

    March 9, 2018 at 12:32 pm

    Binance handled the attack very well: they could detect it quickly, stopped withdraws, reversed trades, saved coins and even blocked the hackers from takign their own funds (?), that is a nice story to tell… and now they published that they are going to donate to charity the hacker’s funds.

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Altcoins

Tron Price Analysis: TRX/USD Forced to Seek Help from Major Demand Area Despite New Developments

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  • TRX/USD under heavy downside pressure, dropping double digits. That is 13 consecutive sessions of losses.
  • The price is within a known chunky buying area and a failure to attract the bulls could be catastrophic.

TRX/USD took a heavy beating on Monday, down as much as 12% in early part of the session. This downside pressure is seen across the market. This is a continuation of the trend observed last week despite being provided some relief over the weekend, as the pressure subsided. Given the further fall observed, TRX/USD has been forced back within a vital area of support. Failure to hold could be catastrophic. Despite this selling, there have been some positive developments around the Tron foundation.

Tron News Flow

Tron (TRX) recently launched what’s known as the ‘Tron Accelerator’. This is an incubator which looks to “empower developers and foster innovation within the blockchain industry.” The Tron Accelerator will feed of funds directly from the Tron Foundation, a gesture aimed at helping fund decentralized applications (dApps) that are in their start-up phase. Furthermore, their ultimate goal is to accelerate growth of dApps on the Tron platform.

The Tron Accelerator program has a pool of $1 million, which will be awarded and split up between 56 winning projects. The Tron foundation will have a prize ceremony, which will be held in January 17-18 2019, taking place at the Tron niTROn Summit in San Francisco. Noteworthy, this will be Tron’s first international summit. The full details of the Tron’s accelerator program is detailed on its own separate site.

Technical Review – TRX/USD

TRX/USD daily chart

TRX/USD is currently running at 13 consecutive sessions in the red, as the pressure intensifies from the market bears. The price has now lost as much as 30% at the time of writing over the course of this period. This stubborn trend to the downside commenced on 7th November, after the price retested and was then rejected by a breached ascending trend line. It played out to the textbook with the breakout and retest to then invite further selling pressure.

Downside Support

The price is trading within an important demand zone, which is tracking from $0.01800 down to $0.01650. The past few occasions TRX/USD has been forced down to this territory as bulls have managed to drive the price back north. Most recently on 12th September, TRX/USD went on to gradually gain around 65%, over a few weeks’ period.  Elsewhere, on 14th August, similar moves were seen, some 70%, over two weeks. There is an opportunity here for the bulls, but failure to hold would be very punishing.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 60 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

Litecoin Price Analysis: LTC/USD Has Fallen Through Vital Support; Where Next?

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  • Critical support for LTC/USD was breached just under the $50 area, leaving the door open to further downside pressure.
  • LTC/USD is moving within a range/consolidation block, subject to another explosive move.

LTC/USD has remained firmly within a downside trend, showing no signs of that shifting anytime soon. Out of the last ten sessions, LTC/USD has closed on the daily in the red for nine of those. Litecoin having lost as much as 27% within this trading period, a move which is generally inline with the rest of the greater market. The focus is now on where LTC/USD will find its feet on some firm ground.

Daily Chart View

LTC/USD daily chart

Looking via the daily time frame, the price has extended through a known touted demand area. This was seen tracking from the big psychological $50 mark, down to $47.50. LTC/USD has previously been comforted by this zone on several occasions. It proved support in August, September and October. This area has always having proven to see decent buyers come in to send the price back on its way north.

4-Hour Chart View

LTC/USD 4-hour chart

Current price behavior remains somewhat worrying via the 4-hour, after the deep drop, LTC/USD has entered a small range block. It is currently licking its wounds, following the bears vicious attack. The price is moving tightly, between $45.00 to $42.50 at the time of writing. Given this technical move being observed, it would not be too surprising if this takes another stab lower. Typically range blocks tend to be broken in an explosive manner.

Next Major Support Areas

LTC/USD weekly chart

The weekly chart view can provide some insight into downside levels to be aware of. In terms of support, the next major level would be eyed at $38 territory. The price has not been seen here since July 2017. LTC/USD had bounced around this area for 7 weeks, between 19th June to 31st July. This move was being observed during a period of consolidation, prior to the big bull run seen in August 2017.

Deeper to the downside, eyes would then be on $33 another vital weekly support level. Price last bounced here in September 2017, requiring support before resuming a bull run. A breach here could be very much catastrophic. There isn’t much support, other than psychological round number areas for LTC/USD. This fall to the downside is very much uncharted territory. If the bearish momentum retains its current course, then $20 or even a return to $10 cannot be ruled out.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 60 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

TRON Price Analysis: TRX/USD Moves Within Proven Buying Area

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  • TRX/USD flirting with a huge buying area, historically proven to see buyers swoop in.
  • Justin Sun sings praises on 100 million $TRX trading volume for Tron DEX.

TRX/USD has been suffering heavily, in line with a large bearish reversal seen across the board. The price is running sharply lower, closing on the daily in the red. After TRX/USD had broken out to the downside from a supporting ascending trend line and retested, selling pressure has been consistent. Within the current trend, the price today – Thursday 15th November, was forced to drop to its lowest level seen in around nine weeks.

TRON News Flow

The TRON foundation has not been shy on the update front of late, continuing to push out positive developments from the camp. It was only recent that a new Tron decentralized exchange, DEX was launched.  Over the past few days it has seen a large amount of popularity. Tronscan.org was acknowledged by Tron’s founder, Justin Sun, via Twitter, which heavily contributed to a further pick up in trading volumes.

Justin Sun tweeted, “trx.market  breaks 100 million $TRX trading volume! Next milestone is 500 million”. The founder continues to be very much supportive of these TRON based projects, given his active recognition via social media. Despite the protracted bear market, Sun disregarded this in a recent tweet, showing a screenshot of the double-digit losses seen on Wednesday across the crypto market. He then quite comically compared the Coinmarketcap view with the Tron DEX, showing TRX related pairs trading in the green.

Technical Review – TRX/USD

TRX/USD daily chart

The TRX/USD bears have in the session been testing a vital area of demand. This is seen tracking from $0.01800 down to 0.01700. Previously in August and September, the mentioned area provided firm support in propping up the price. Most recently, the price had dipped into this territory on 12th September, where TRX/USD gradually went on to gain over 60%. Earlier, on August 14th, buyers pilled in, seeing the price gradually gaining over 70% over a period of time.

Given the history of buyers camped in this area, bulls should come back into play imminently. If this does prove to be the case for TRX/USD, eyes will be on another retest of the broken ascending trend line. This is seen tracking around $0.02550. The bears had initially breached this area of support, on 29th October. TRX/USD was supported in its move higher, from 12th September, by this trend line, before the break lower.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 60 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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